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Wells Fargo Review: Terribly Incompetent Bank

Thursday, October 20th, 2011
Posted in Reviews by Joel Gross

I have banked with Wells Fargo for my business (Coalition Technologies) since I founded it.  I have had nothing but annoyances, constant upsells, and mistakes made by Wells Fargo during the entire time I have used them.  My review of Wells Fargo is based on a lot of experience with a bank that could care less about its customers, employees who are severely incompetent, and back-end team who regularly misplaces my money.

Why is Wells Fargo so big when they are obviously so incompetent?

Starting a new bank is virtually impossible in America and takes huge amounts of capital and time and effort to get through byzantine regulations and rules.  This means the existing banks have almost no new competition.  The lack of startups & competitors in the space means that the original players get really huge no matter how incompetent they are because consumers don’t have choices (see the fact that I am stuck with Wells Fargo).